The Lost Midweek

Risk markets react badly to the prospect that Fed-spiked punchbowls could ever be taken away.

The prospect Ben Bernanke & Co. could have a lighter hand with the 151-proof booze they've been dumping into the financial system sent risk markets reeling Wednesday. But the worrisome thing isn't that they're about to shut the bar; no chance of that any time soon. The scary thing is how hooked the markets have gotten on the hooch the central banks have been pouring, and...